Please show work on how to solve the problem below.

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Suppose you are a British venture capitalist holding a major stake in an e-commerce start-up in Silicon Valley. As a British resident, you are concerned with the pound value of your U.S. equity position. Assume that if the American economy booms in the future, your equity stake will be worth $954, and the exchange rate will be $1.29/. If the American economy experiences a recession, on the other hand, your American equity stake will be worth $882, and the exchange rate will be $1.42/. You assess that the American economy will experience a boom with a 70 percent probability and a recession with the remaining probability. Estimate the Covariance between P and S (X.XXX) Selected Answer: 0.595 Correct Answer: 1.765 +0.01 Response Feedback: Get Covar(P,S) Review solution for problem 3, Chapter 9